toronto real estate, a sellers market

[terri]

According to this article, Toronto has transitioned into a sellers market in the last couple of months, primarily because there`s a shortage of listings, but it has been pretty shocking to see bidding wars and things go in 2 days for over asking so soon after such a big fall.

http
://www.movesmartly.com/2009/05/the-tor...the-avera.html

What I did find kind of surprising is that according to the treb stats from april 2009, the average housing price is actually higher than 2007, still less than 2008, but higher than 2007, interesting I thought. Now, it is possible that the stats are squewed a bit because only certain types of properties are selling. In 2008, there wasn`t the buying frenzy that there was in 2007 but I think the average price was higher than 2007 because only the good ones were selling and back in 2007 when there was a buying frenzy everything was selling, no matter how bad the property which may have pulled the average price down.

Are other cities experiencing this current "sellers" market conditions with bidding wars and over asking prices?

Terri

 

[bizaro86]

I`ve had one multiple offer situation for a condo I put an offer on last month here in Calgary. It sold for list price, which was more than the other bidder needed to bid, because my offer was 10% lower than list. (I know the sale price because it showed up in the comps next month for the area)

Michael

 

[kanabel]

QUOTE (terri @ May 14 2009, 11:22 AM) According to this article, Toronto has transitioned into a sellers market in the last couple of months, primarily because there`s a shortage of listings, but it has been pretty shocking to see bidding wars and things go in 2 days for over asking so soon after such a big fall.

http
://www.movesmartly.com/2009/05/the-tor...the-avera.html

What I did find kind of surprising is that according to the treb stats from april 2009, the average housing price is actually higher than 2007, still less than 2008, but higher than 2007, interesting I thought. Now, it is possible that the stats are squewed a bit because only certain types of properties are selling. In 2008, there wasn`t the buying frenzy that there was in 2007 but I think the average price was higher than 2007 because only the good ones were selling and back in 2007 when there was a buying frenzy everything was selling, no matter how bad the property which may have pulled the average price down.

Are other cities experiencing this current "sellers" market conditions with bidding wars and over asking prices?

Terri

In Saint John, NB
Some prices 20% higher